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article imageReport: Lost Generation X has their retirement ideals on track

By KJ Mullins     Jan 4, 2011 in Business
According to research by Investors Group, over half of the generation that followed the baby boom, Generation X have a clear vision for their life after retirement.
This compares well with an earlier survey of their Boomer parents who have a clear retirement vision.
When it comes to saving and investing for retirement Baby Boomers and Generation X (adults ages 30 to 44) have similar approaches. Sixty-one percent of Gen Xers have RRSPs and of those 85 percent will be contributing to theirs this year. For the Baby Boomers only one percent more have RRSPs with 79 percent planning on adding to it this year.
"Gen X and Boomers may have some differences, but it appears the apple doesn't fall far from the tree in financial planning," says Debbie Ammeter, Vice President, Advanced Financial Planning of Investors Group said in a press release. "Gen Xers share remarkably similar dreams and hopes especially when it comes to their vision of retirement and how they are going to get there."
When it comes to their retirement vision travel scores high for both generations. As life expectancy has increased more Baby Boomers will have time to spend those retirement years with their retired offspring. That's a welcome relief for the 57 percent of Gen Xers who want to spend time with family. As for the Boomers only 46 percent rate spending time with family as a priority in retirement.
Over half of both generations are not expecting the government to help them out in their retirement years. Uncertain economic times have Boomers and Gen Xers expecting to be funding their own golden years seeing their RRSPs as an important source of future income.
Baby Boomers have a higher sense of their impact on society than the younger generation. One in four Gen Xers believe that Boomers had a positive impact on society, politics and the economy compared to the Boomers themselves, 45 percent of which believe that their impact on society was positive.
The survey can be found here.
More about Generation, Baby boomers, Retirement
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